With Trump coming back a recession in Canada has become a high probability event. Even a 10% tariff (much below the 25% he is threatening) will certainly trigger a recession. What does this subreddit think? Are you taking any steps to prepare or gird yourself? avoiding debt? raising cash? sucking up to the boss?

What about staking rewards earned from staking? Can I report everything (staking rewards + price increase) all at once when I finally sell 10 years later? Thanks.

Zero reason CRA would call and leave a voicemail without also simply emailing me if something needed addressing within 24 hours, right?

I’m aware this is stupid, just looking for a quick reassurance.

Why are people saying storing my crypto in Coinbase is terrible and that I would have issues withdrawing later?

Hypothetically, if any of my crypto reaches 100k+, how can I safely withdraw it?

I'm seeing all these videos about cold storage, wallets, etc., but I feel like those are more for people who actually live and breathe crypto. Do you have any dumbed-down recommendations for someone who's invested years ago but just looking to profit from this current bull run?

For context, I am going to be doing a online side business in the USA, with a family friend who lives there. They wanted to just pay me by Venmo, but I am not a USA citizen and can't get Venmo. What would be the best way for me to get weekly payments with low fees, I want to hold the money in USD currency anyway.

I can find a way but I wanted to get everyones opinion to see if anyone ever had to do something like this. I still have to look into it. Maybe if I have a USA account I can make a VENMO with a VPN or something.

1. Opening a chequing account in the USA

2. Paypal

My spouse and I are thinking of buying a home. I’d be my first home and my spouse’s second home. To maintain my first ownership rights would it make sense to get a mortgage under both names? We were thinking to have it split 75% me and 25% my spouse. What are the implications of having both of our names on the applications vs only me?

Seems quite low in my opinion. I have no other debts, other than my credit cards which I pay in full every month. I always thought the rule of thumb was 4x your gross salary, which is way higher than $283,000

Hey guys,

Newbie here, 43 years old and just looking to invest right now.

I have 10,000 in TFSA , how much of that should I invest in ETFs and how much in stocks?

thinking of VFV for etfs and Apple,Nvidia and few more for stocks.

Any advice is appreciated

Thank you

Hello, Can anybody recommend platforms that are tried and tested similar to MEXC for future trading.

I got in summer when they offered 5.9% for 5 months. July 9th - Dec 9th.

Does anyone notice the rate cut affecting the promotional interest? I carry a high balance for Nov but got paid about $35 less promotional interest than Oct.

I even ask ‘if i didn't put in more money for Nov, should my interest rate be the same as Oct?” she said she cant tell me coz she doesn't have a calculator machine...

Thanks!

I’ve been fortunate to have my parents take care of many responsibilities for me, but now that I’m starting adulthood, I’m realizing I don’t know much about managing finances, paying bills, and handling taxes.

Can anyone provide guidance on what types of bills I’ll need to pay when owning a house? What costs should I expect related to homeownership, utilities, and other expenses? (Aside from the mortgage)

And any other required costs of being an adult that I have to pay to the government or whomever?

Also, what taxes do I need to be aware of as a citizen? (I believe there is property tax, provincial tax, and federal tax we pay?)

Any advice on financial management and adult responsibilities would be greatly appreciated!

Now that CAD is loosing its value, I think buying any US based ETF’s would ideally make no sense at this point so I was wondering if there is a specific stock you’d pick in CAD

My salary is 74000 is my biweekly take home pay is $2400.

What’s yours? So we can compare

I stopped using my air miles BMO card a while back because I thought it was bad, but I looked through some old air miles logs and I got a ton of miles somehow on some purchases.

https://imgur.com/a/Cmy2uUZ

263 miles in one grocery shop it looks like. Thats like almost $30 in cash value from one purchase. Im not sure how I got all these multipliers and high amounts. It doesnt give me a good breakdown of how this happened.

I have the regular BMO air miles card. I most likely shopped at superstore maybe 150-200$ max grocery shop.

I went to irving today and got 50$ off my gas, then realized I still have another $40 in cash miles. Im not sure how I was getting so many cash miles. $90 cash miles in a small amount of time. I may go back to my air miles credit card if I can figure out how I can keep getting these multipliers

I filed my 2023 tax return through Wealthsimple Tax last year. The process was smooth and straightforward. Last month, I received a letter stating that there was an income discrepancy in my account. I remembered that I had a school grant for $17,000, which I included in box 105 under Wealthsimple Tax, but I didn’t submit the T4A. Fast forward to now, I have been reassessed and informed that I need to repay taxes, as they included both my yearly income and the grant. I hope I'm being clear.

The question is Did I fill my tax incorrectly?

Be aware, due to the Canada Post strike, if you apply for and purchase stuff on the Walmart CC, you can't return anything unless you're willing to accept gift cards. I did some BF shopping last week at Walmart, the associate convinced me to sign up for the credit card and put the purchase on there.

Fast forward to yesterday when I tried to return something, and Walmart says they can't refund anything without the physical credit card. They said the only thing they can offer is Walmart gift cards. Called their credit department, they confirm Walmart can't refund without the physical card, and also confirmed due to the CP strike nobody is getting their physical cards anytime soon... They offered no solution other than an apology. Very annoying as it's over $500.

So, be aware if you apply for the Walmart Credit Card in store and put stuff on it, chances are the only refund option to you will be Walmart gift cards.

I am a few hundred dollars away from 100k in a TFSA account. I know that over 100k and I won't be covered by CDIC. I have another TFSA with another company and it has a lot of room. My initial plan was to pull 3k from the larger TFSA one week before the end of December and keep that money in my regular bank account until the first week of January. Then deposit the 3k plus the newly added 7k contribution room to the smaller TFSA. I know this means I lose some interest for those 2-3 weeks, but the fee to transfer between TFSA accounts exceeds the amount of interest lost. I am at my max TFSA contribution room each year. I fear getting penalized with an over contribution, and as I understand room made through withdrawal in 2024 is applied to contribution room in 2025. I also fear clumsiness by the banks or cra and they not note the exact dates of withdrawal.

Do others just put in their 7k limit on Jan 2nd? or do they wait a week?

Hi, with freelance work through the "gig economy," you could technically put in full-time hours and make pretty good money a lot of the time. The problem is you could be fired at any moment, or the company could go bankrupt at any moment, with no warning or explanation. This is the reality of the gig economy.

Suppose someone is on EI and wants to put in full-time hours through their freelance gig. I know they won't be eligible to receive EI for any week where they put in fulltime hours but what isn't clear to me is whether or not they can keep receiving EI. I have heard contradictory information. I have heard that Service Canada may decide that you now basically have a fulltime job and you don't need EI anymore and your claim will end. I have also heard that your claim could keep going, and if in the future you don't put in full-time hours through your freelance gig and have a week of no work basically, then you will receive EI for that week, because you are still entitled to the same number of weeks on EI.

Obviously the idea of working fulltime at a freelance gig for two weeks, making great money, not receiving EI for those weeks, and then in the third week finding out that your EI claim is canceled because it looks like you have fulltime work, AND you just got fired from your freelance gig coincidently is a terrifying thing to think about.

I would really, really appreciate any guidance on this issue.

Hi everyone,

I’m looking for some financial advice on how to best manage my money. For context, I’m 24 years old, have been working for a year now, and am using Wealthsimple for my finances.

To keep things simple and as an example, let’s assume:

• I make $100k annually before taxes.
• I have $50k in liquid cash just sitting there

I want to be smart about my money and ensure I’m setting myself up for long-term financial success, but I’m not sure where to start. Here are a few questions I’d love input on:

1. How should I allocate my money? What portion should go toward investments, savings, or other categories like an emergency fund or retirement?
2. What accounts should I open or use? For example, should I focus on maximizing my TFSA or RRSP first? Should I consider opening a non-registered investment account?
3. What kind of investments should I prioritize? Should I go with ETFs, stocks, or something else? (Risk tolerance is medium, leaning toward long-term growth.)
4. Should I do anything specific with Wealthsimple? I’m currently using their platform, but I’m open to suggestions for optimizing it or considering alternatives.

Any general advice or personal experiences you can share would be super helpful. Thanks in advance for your insights!

I'm trying to figure out which credit card would be best for me since I work as a full-time electrician and I'm trying to build credit to finance a car. My bank is cibc and I'm wondering if any the options they have are good or I should use a different credit card company.

Just trying to get some confirmation. If i contributed 10k into my spousal rsp, would my wife be able to buy back her pension time immediately or is there a wait time? ie. Money has to sit in the account for min 2-3 years

I was under the impression there was a wait time before the money could be used but after speaking with CRA, they state there is no wait time.

Can anyone confirm this?

Edit: this would be newly deposited money

Edit (answer): The RRSP attribution rule in 146(8.3) does not apply to payments from an RPP. So it looks like my wife can use the newly deposited money to fund her Rpp without triggering the attribution rule

Looking for some help as to what math to do to figure out if I should be cashing out my TFSA (part of it) or using my LOC. I am currently a student and am not working, so I have no income. I have a professional student line of credit with an interest rate of prime+0. So right now 5.95%. Interest is calculated daily and charged monthly. I don't have to begin any payments until 2027 (the interest gets charged against the LOC if that makes sense. I still owe it but I don't have to physically make payments for it until 2027 if I don't want). I have about $40k in my TFSA. I haven't needed to touch the LOC because I have some student loans from the government that have 0% interest but in the new year I will need to either use the LOC or take out money from the TFSA to pay for things. I'm not much of an investor nor very literate in finance. My entire TFSA is split between ETF's and I just don't touch it (VFV, WSRI, XEQT). In the last month, it has returns of 5.44%, the past three months 9.43% and the last year 20.36% (according to the Wealthsimple total value/contributions). Which of these numbers - if any - should I be using to determine if I will make more keeping the money in the TFSA and paying interest on the LOC and vice versa or should I be disregarding all those numbers and just using the TFSA because then it's guaranteed that I don't pay interest whereas using the LOC is essentially a gamble that my 'investments' will do better than 6% or whatever future prime rate will be. Thank you in advance.

Wife and I have 20k sitting in FHSA, looking to purchase a place within 6 months, should I put them in GIC or low-risk index funds?? Any suggestions

Hi!

Without getting into all the details, we are looking for clarification regarding a WCB settlement against EI.

If we take a settlement, does that go against my Employment Insurance payments? We are not likely to get much at all so we are trying to determine if this is even worth it.

Thanks!

Hi there,

Are there any US brokerages that will open accounts for Canadian customers (specifically, corporate accounts)?

Context: I want to invest in some US Mutual Funds that are not allowed on Canadian brokerages.

Thank you

So here is my situation:

I had a decent job but got job cut in June, been on employment insurance (EI) since, only 2 interviews and rejections if that from all others. EI does not cover my rent and bills so homelessness is a real potential in the very near future. I have no family (I've been on my own since 15), no one to save me, and I'm feeling pretty hopeless. I also have ADHD (and undiagnosed autism) and my medical bills are eating me as well.

Debts:

-$46,000 of student loans

-$25,000 of Line of Credit

No assets, savings, etc. Pension is from OMERS and since I'm no longer employed, I have a few options (deadline to decide is by January 18), and I'm thinking of either moving it into an RRSP or withdrawing it into cash. The total commuted value is $3,900 and the excess contributions from the plan are $7,115.

If I withdraw or put it into an RRSP, will I be penalized on EI and if so, for how long (e.g. just 1 week of no pay or total amount withdrawn taken from EI)? I'd rather withdraw it because the Line of Credit is $3k from being maxed and not having a job is putting me deeper and deeper into the hole - this would cover my bills for a few more months.

Also, if I do withdraw it instead of moving it into an RRSP, do I get my RRSP room back? I believe there is a pension adjustment form, correct?

The plan currently is to survive for 2 more years (for student loans to be eligible for a 7 year discharge) and use a consumer proposal to wipe out debt and hopefully do some part time school if possible to switch careers. I can't afford school right now with my bills and no job and OSAP wouldn't cover both rent and school and would reset my discharge time for loans. Any help or advice would be appreciated.

I recently got the Costco Exclusive membership with the 2% back annually. I was wondering if anyone knows that if i were to pair that with the Rogers Mastercard i can get an additional 2% back on my purchases. I am a Rogers customer and i see that its 2% for Rogers member and only 1% for non Rogers members. I also got the Cibc Costco card but reading the details it only gives 1% back on Costco purchases.

I am a new condo owner and looking at my condo insurance for my unit (my building has separate insurance), and wondering what I need covered? I am single and don't have family nearby to ask these Qs. I have never been a homeowner or looked at property insurance before.

What should I be looking for here?

I am looking at quotes the cover:

• Contents $40,000
• Additional Living Expenses $40,000
• Voluntary Medical $5,000
• Contingent Liability $100,000
• Loss Assessment - Property $100,000
• Betterments and Improvements $40,000
• Single Limit $1,000
• Legal Liability Liability ($2,000,000)
• Extended Coverages Sewer Backup ($1,000)
• Overland Water
• Condominium Deductible Assessment ($50,000)
• Identity Theft ($250 / $10,000)

I was informed by my agent 12 business days ago that payment for my insurance claim was being wired to my account. They informed me that is would take 2-3 business days to transfer into my account.

By 6 business days I was beginning to get worried, and emailed my agent twice. This morning, after 12 business days, I called my agent directly and learned that, while he was on vacation, they had put a note on my claim to further verify the contents.

I know this kind of verification can happen — we submitted our claim contents back in July so it's already been 4 months of verifying and providing proof.

My issue is that this has happened AFTER both parties agreed to the claim amount, and crucially AFTER transfer details were confirmed and a rough payment date was given.

Is this enough to start a complaint about? Should I bother? My agent told me this would be a priority and that he would have next steps sorted by the morning, but I'm furious that the overdue funds I've been expecting are once again in an unconfirmed limbo.

I'm going to give TD a call back at the end of my day to inquire further; any advice before then would be great.

I'm planning my resignation in January from a full-time role but wondering if I get paid for the 15 vacation days allotted for the year or will it be reduced?

EDIT: Got all responses. Thanks everyone!